CBS NEWS
Trump Media & Technology Group on Tuesday announced plans to start a streaming TV platform to air news, film and other content the company claims other media outlets refuse to show.
The announcement comes three weeks after Trump Media began trading on the Nasdaq stock market, briefly valuing the company at $10.8 billion. After reaching peaking at $79.38 per share on March 26, the stock — which trades under the ticker DJT, the initials of former President Donald Trump — has plunged by almost 70%.
The slide continued on Tuesday, with Trump Media shares slipping $3.29, or 12.4%, to $23.32 in early afternoon trading. Its market value now stands at about $3.1 billion.
Trump Media’s primary asset is Truth Social, the social media service that Trump created in 2022 after he was booted from major platforms following the January 6 assault on the U.S. Capitol. From its founding, the company aimed to create what it called a “media powerhouse” with multiple platforms, including social media and digital streaming. Until now, however, the company had only introduced Truth Social.
Going public has helped bolster the money-losing company’s coffers, with Trump Media CEO Devin Nunes telling Fox Business earlier this month that it has “$200 million in the bank” to fund its plans.
